If you have recently inherited a property and are thinking about selling it, there could be more options than you realize. Take a few minutes to read this blog post to discover the 3 financial options you may want to consider when selling an inherited property in Vancouver B.C. …
When a loved one passes and leaves you with a property, it’s usually a meaningful gesture, but sometimes an inherited property isn’t always convenient to own. There can be additional bills, expense, maintenance, upkeep, and stress. It can also be time-consuming, particularly if it’s in another town or province.
If you are thinking of selling, the first thing that might come to mind is selling with the help of a real estate agent. However, you may be surprised to learn that there can be other options that may also be worth considering. In fact, did you know you have 3 financial options you can pursue when selling an inherited property in Vancouver B.C. ?
First, Let’s Talk About Selling Through An Agent…..
I many cases selling with the help of a real estate agent will be your best option, provided the property is in a good marketable condition, the local market is strong enough to garner a good price, and there is enough equity in the property to pay the commissions and fees. Be aware however that depending on the local market this method can take months. If time and money are not a big issue for you though, listing your inherited property with an agent will likely be the best option.
Second, Let’s Look At Some Other Options….
Option #1. Refinance The Property
One option might be to refinance the property with a bank and use that money for something else. This only works if there is enough equity in the property to warrant taking money out, and, as many inherited properties can be mortgage free this can work out really well. You’ll still be the owner of the house, but will have a new mortgage to deal with so you’ll likely want to consider renting it out, thus becoming a landlord if you aren’t one already.
Option #2. Rent To Own
Another option is to sell the house over a period of a few years by selling to a tenant-buyer. Typically these are people who are unable get a traditional mortgage but want to become a homeowner – so they’ll pay you rent and over a set period of time by paying you an additional amount above their rent that will go toward the future purchase of the property, usually while waiting until their credit is cleaned up to purchase the house with a mortgage.
If you do consider this option be aware that this is not exactly a verbal agreement and you’ll want to consult with various professionals (lawyer, mortgage broker, investor) that have experience structuring this type of deal.
Option #3. Sell Fast For Cash
A lesser-known option that owners of inherited properties might enjoy is the ability to sell the house fast for cash. Instead of selling through a real estate agent (and hoping they can find a buyer, which can take months in some markets), you can work with a house-buying company (like us here at Lifemark Properties) and they’ll often buy your house in as-is condition for cash, usually in as little as 7-10 days. It can be simple, fast, and it requires little work on your part.
There you have it! 3 financial options you can pursue when selling an inherited property in Vancouver B.C. !